Fraud of Rs 590 crore from Haryana Government's account in IDFC First Bank, employees accused
New Delhi. A case of fraud has come to light in the account of Haryana Government in IDFC First Bank. The bank reported that unauthorized and fraudulent activity of Rs 590 crore (IDFC FIRST Bank Fraud Case) related to the account of Haryana Government was found in a branch in Chandigarh.
IDFC First Bank said some employees of its Chandigarh branch were involved in a fraud of Rs 590 crore from an account linked to the Haryana government.
Bank employees involved in fraud
IDFC First Bank said some employees of its Chandigarh branch were involved in a fraud of Rs 590 crore from an account linked to the Haryana government.
“The bank will take strict disciplinary, civil and criminal action against employees and other outsiders in accordance with applicable law,” the bank said in a stock exchange filing.
The statement further said, "Based on initial internal assessment based on information received from a specific department of the Government of Haryana, the Bank has identified an incident involving unauthorized and fraudulent activities by certain employees at a specific branch in Chandigarh, and may also involve other persons/entities/counterparties."
IDFC First Bank said the total amount in the accounts identified so far is Rs 590 crore and the impact of the incident will be decided after receiving further information and validation of claims.
Lender said a complaint has been lodged with the police authorities. Additionally, the lender is in the process of appointing an independent external agency to conduct an independent forensic audit.
This is how the problem was discovered
The fraud came to light when the bank received a request from a particular department of the Haryana government to close its account and transfer funds to another bank. During this process, a discrepancy is noticed between the amount stated and the actual balance in the account.
After February 18, 2026, other Haryana government companies approached the bank about their respective accounts, leading to further discrepancies between the account balances and the amount claimed by the government companies.
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